M&C Saatchi: AGM update - trading as expectations

研报英文原文证据摘录

M&C Saatchi: AGM update - trading as expectations

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy M&C Saatchi 11 June 2026

Breaking News

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 10 Jun 2026 (GBP) 142.00

SAA.L SAA LN LSE SAA

Price Target (GBP) 190.00

Media and Online

197.00 -

Advertising & marketing 52-week range (GBP) 113.50

AGM update - trading as expectations

Valuation & Risks

Steve Liechti

AGM update is number light as usual, but suggests revenue is in line with SAA

Research Analyst

expectations, supporting consensus FY outlook with higher margin business +44-20-7541-1549

growth offsetting a tough market. Comments are net positive in our view given

ongoing macro challenges. BUY – SAA looks attractive on a low valuation, with Gareth Davies

a strong B/S, ongoing operational transformation, focus on cost efficiencies and

+44-20-754-11560

its mid-term growth strategy. PT 190p (unchanged).

Annabel Hames

LFL revenue as expectations, supporting consensus FY outlook. SAA suggests Research Analyst

geopolitical and macro conditions remain volatile but notes good progress within +44-20-754-11574

the business. Importantly, in our view given uncertain markets, SAA reiterates

Price/price relative

targets given at FY figures in April, for net revenue and adj OP margin growth this

year supported by momentum in high-margin specialisms. 300

Forecasts unchanged. We forecast FY26E LFL net revenue growth at +2% (2H

weighted given softer 2H comps from last year) to give £214m group revenue with 100

adj. OP margin at c. 13% (FY25 12.4%) - adj. OP is £28m (FY25 £26m). FY26 SAA 2024 2025 2026

supplied consensus is for net revenue c. £214m and adj. OP £28.2m. M&C Saatchi – (Rebased)

Continued growth in Issues and Media. New biz wins.